Commack, NY (PRWEB) February 15, 2011
New York Attorney, Rudolph F.X. Migliore, has reached out to Long Island churches advising their staff to re-evaluate their finances for the new year. Rudolph Migliore has sent out mailings to local churches encouraging them to keep moving forward from the recession, which has impaired the nationwide economy. While churches are still improving, Rudolph Migliore gives his support and recommendations for success.
Over the last two years, the plight of distressed homeowners facing foreclosure has caused the economy to lose $1.9 trillion. New York Attorney Rudolph Migliore reviewed the state of foreclosures among churches nationwide and concluded that churches also face a serious foreclosure risk in this economy. Mr. Migliore stated “What has not been reported is the devastating impact on churches, particularly those who had entered into expensive building programs during this time. Many churches experienced major growth and expanded to meet the needs of their congregants and fill cultural gaps. The problem was multiplied by aggressive, larger banks offering churches larger loans with low interest teaser rates, security loans and balloon mortgages.”
As the recession took its toll in tithing, churches found themselves unable to meet their mortgage payments or to refinance their loans. As a result, hundreds of churches have gone into foreclosure throughout the country with thousands of others now in jeopardy.
In his letter to churches, Rudolph Migliore went on to say “Wealthy churches both denominational and non-denominational have not been immune to the economy. A study by the Barna Group found more than half of the churches have been hurt by the recession. Non-denominational churches seem to have been hurt the most by the recession. Many did not have the support of a larger national organization and being the fastest growing segment of Christianity, they expanded anticipating continued growth.”
While the economy is improving, the threat of foreclosure will still loom over many churches for years to come. In response, various churches have cancelled or modified expansion plans, reduced staff and clergy, rented their facilities to other organizations or held one-time emergency giving campaigns.
Rudolph Migliore recommends that all churches carefully revise their finances, as well as their future plans with an eye toward reducing debt or operating costs. Practical cost-cutting is essential to sustain long term stability. The needs of the people and the future of America all depend on the vibrancy of the church. In this depressed economic climate, virtually all businesses as well as non-profit corporations have had to revise their budgets and financial plans. Unfortunately, churches are no exception and this is why New York Attorney, Rudolph Migliore recommends all mortgages and debt obligations are reviewed to ensure long-term financial stability.
About the Law Firm of Rudolph F. X. Migliore, P.C. - Located on Long Island, New York, the firm offers legal and advisory services to churches throughout the Tri-state area, including incorporations and working with pastors to deal with the legal troubles they encounter. The firm also works with juvenile crime cases, criminal and personal injury including asbestos, mesothelioma and dangerous medical products.
Rudolph F.X. Migliore, P.C.
353 Veterans Memorial Highway
Commack, NY 11725